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Oil prices rise 1% on Saudi Aramco’s upbeat demand view, Iraq output cut

Oil prices rise 1% on Saudi Aramco’s upbeat demand view, Iraq output cut

PUBLISHED MON, AUG 10 20201:23 AM EDT

Reuters

KEY POINTS

  • Oil prices climbed on Monday, supported by Saudi optimism on Asian demand and an Iraqi pledge to deepen supply cuts, although uncertainty over a deal to shore up the U.S. economic recovery capped gains.
  • U.S. West Texas Intermediate (WTI) crude futures rose 50 cents, or 1.2%, to $41.72 a barrel at 0301 GMT.
  • Global benchmark Brent crude futures were up 40 cents, or 0.9%, at $44.80 a barrel.
Oil pumps at sunset, industrial oil pumps equipment.

Oil pumps at sunset, industrial oil pumps equipment.Pramote Polyamate

Oil prices climbed on Monday, supported by Saudi optimism on Asian demand and an Iraqi pledge to deepen supply cuts, although uncertainty over a deal to shore up the U.S. economic recovery capped gains.

U.S. West Texas Intermediate (WTI) crude futures rose 50 cents, or 1.2%, to $41.72 a barrel at 0301 GMT, while Brent crude futures were up 40 cents, or 0.9%, at $44.80 a barrel.

Both benchmark contracts fell on Friday, hurt by demand concerns, but Brent still ended the week up 2.5%, with WTI up 2.4%.

“Comments from the weekend from Aramco are the driver at the moment,” said Michael McCarthy, market strategist at CMC Markets and Stockbroking.

Saudi Arabian Aramco’s Chief Executive Amin Nasser said on Sunday he sees oil demand rebounding in Asia as economies gradually open up after the easing of coronavirus lockdowns. 

“He painted a rosy picture on the outlook for demand in the Asian region,” McCarthy said.

On the supply side, Iraq said on Friday it would cut its oil output by a further 400,000 barrels per day in August and September to compensate for its overproduction in the past three mo

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